Digital bank Revolut is taking steps to delist three cryptocurrencies – ADA, MATIC, and SOL – in the United States. The move comes as a result of increasing regulatory uncertainty surrounding these tokens.
While Revolut will continue to support the cryptocurrencies outside of the US, users within the country will no longer be able to purchase these tokens and must sell their existing holdings by September 18.
Failure to comply with the deadline will result in the automatic liquidation of all positions involving the delisted tokens. The decision to remove these tokens was driven by regulatory scrutiny, with the US Securities and Exchange Commission (SEC) classifying them, along with others, as unregistered securities in recent lawsuits against Binance and Coinbase.
Revolut informed its customers about the delisting, citing the changing laws and regulations governing cryptocurrencies in the US as the reason behind the decision. The SEC has specifically highlighted the token-burning mechanisms of Solana and Polygon, which it claims have incentivised investors to expect profits from their investments.
Revolut is not alone in delisting these cryptocurrencies. Other platforms, including Robinhood and eToro, have also taken similar actions due to concerns about potential unregistered securities.
The delisting of the three tokens on Revolut may further expedite the process, as Revolut’s crypto partner Bakkt has already made the decision to delist these tokens in mid-June.
